1. Increasing medical costs have created a financial crisis among insurancecompanies that provide medical benefits programs to major corporations. In anattempt to measure the cost of medical benefits to its employees, the personalmanager of a California-based manufacturing company randomly surveyed therecords of n=64 employees and recorded the medical insurance elaims by eachchosen employee for the previous 12 months. The result of this survey revealedan average total claim of $964 with standard deviation of $147.a. Estimate u the average annual medical claim per employee and place a 95%bound on the error of estimationb. The insurance carrier for the California-based manufacturing company hasinformed corporate officials that coverage will be continued only if it canbe shown that the average employee claim does not exceed $900. Based onthe above information what do you conclude? Test by using a = 0.05.

The random variable annual medical claim per employee follows normal distribution. We have to…

Answered: 1. Increasing medical costs have…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A bank has determined that the monthly balances of the checking accounts of its customers are normally distributed with an average balance of $1,200 and a standard deviation of $250. What proportion of customers have monthly balances less than $1,000? What proportion of customers have monthly balances more than $1,125? What proportion of customers have monthly balances between $950 and $1,075?
In 2017, a website reported that only 10% of surplus food is being recovered in the food-service and restaurant sector, leaving approximately 1.5 billion meals per year uneaten. Assume this is the true population proportion and that you plan to take a sample survey of 545 companies in the food service and restaurant sector to further investigate their behavior. (a) Show the sampling distribution of p, the proportion of food recovered by your sample respondents. A bell-shaped curve is above a horizontal axis labeled p. The horizontal axis ranges from about -0.03 to about 0.05. The curve enters the viewing window near -0.03 just above the horizontal axis, curves up to the right, and reaches a maximum near 0.01. The curve then curves down and to the right until it leaves the viewing window at the same height it entered near 0.05. A bell-shaped curve is above a horizontal axis labeled p. The horizontal axis ranges from about -2.9 to about 3.1. The curve enters the viewing…
Suppose that mean retail price per gallon of regular grade gasoline is $3.41 with a standard deviation of $0.10 and that the retail price per gallon has a bell-shaped distribution. NOTE: Please use empirical rule approximations for this problem. a. What percentage of regular grade gasoline sells for between $3.21 and $3.61 per gallon (to 1 decimal)? b. What percentage of regular grade gasoline sells for between $3.21 and $3.51 per gallon (to 1 decimal)? c. What percentage of regular grade gasoline sells for more than $3.51 per gallon (to 1 decimal)?
The price to earnings ratio (P/E) is an important tool in financial work. A random sample of 14 large U.S. banks (J. P. Morgan, Bank of America, and others) gave the following P/E ratios†. 24 16 22 14 12 13 17 22 15 19 23 13 11 18 The sample mean is x≈ 17.1. Generally speaking, a low P/E ratio indicates a "value" or bargain stock. Suppose a recent copy of a magazine indicated that the P/E ratio of a certain stock index is μ = 19. Let x be a random variable representing the P/E ratio of all large U.S. bank stocks. We assume that x has a normal distribution and σ = 4.1. Do these data indicate that the P/E ratio of all U.S. bank stocks is less than 19? Use ? = 0.01. What is the level of significance? What is the value of the sample test statistic? (Round your answer to two decimal places.) Find (or estimate) the P-value. (Round your answer to four decimal places.)
(a) The population 3, 4, 9, 14, and 20 has a mean of 10 and a standard deviation of 6.356. The z-scores for each of the five data values are z3 ≈ −1.101, z4 ≈ −0.944, z9 ≈ −0.157, z14 ≈ 0.629, and z20 ≈ 1.573. Find the mean and the standard deviation of these z-scores. mean standard deviation (b) The population 2, 6, 12, 17, 22, and 25 has a mean of 14 and a standard deviation of 8.226. The z-scores for each of the six data values are z2 ≈ −1.459, z6 ≈ −0.973, z12 ≈ −0.243, z17 ≈ 0.365, z22 ≈ 0.973, and z25 ≈ 1.337. Find the mean and the standard deviation of these z-scores. mean standard deviation (c) Use the results of part (a) and part (b) to make a conjecture about the mean and standard deviation of the z-scores for any set of data. The mean of the z-scores is always 1, and their standard deviation is 0. The mean of the z-scores is always 1 more than the standard deviation. The mean and standard deviation of z-scores are never the same.…
In a study investigating the effect of car speed on accident severity, 5,000 reports of fatal automobile accidents were examined, and the vehicle speed at impact was recorded for each one. For these 5,000 accidents, the average speed was 44 mph and the standard deviation was 17 mph. A histogram revealed that the vehicle speed at impact distribution was approximately normal. (Use the Empirical Rule.) (a) Approximately what percentage of these vehicle speeds were between 27 and 61 mph? approximately % (b) Approximately what percentage of these vehicle speeds exceeded 61 mph? (Round your answer to the nearest whole number.) approximately %
In a study investigating the effect of car speed on accident severity, 5,000 reports of fatal automobile accidents were examined, and the vehicle speed at impact was recorded for each one. For these 5,000 accidents, the average speed was 42 mph and the standard deviation was 12 mph. A histogram revealed that the vehicle speed at impact distribution was approximately normal. (Use the Empirical Rule.) (a) Approximately what percentage of vehicle speeds were between 30 and 54 mph? approximately % (b) Approximately what percentage of vehicle speeds exceeded 54 mph? (Round your answer to the nearest whole number.) approximately %
man.2
The shape of the distribution of the time required to get an oil change at a 15-minute oil-change facility is unknown. However, records indicate that the mean time is 16.2 minutes, and the standard deviation is 4.9 minutes. Complete parts (a) through (c). (c) Suppose the manager agrees to pay each employee a $50 bonus if they meet a certain goal. On a typical Saturday, the oil-change facility will perform 35 oil changes between 10 A.M. and 12 P.M. Treating this as a random sample, there would be a 10% chance of the mean oil-change time being at or below what value? This will be the goal established by the manager. There is a 10% chance of being at or below a mean oil-change time of _______ minutes? (Round to one decimal place as needed.)

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